SPX: Looking for a Bottoming Signal

Back from vacation (internet was too slow to trade) and the SPX is close to pegging the 100% retracement from the March Low to the May High. It hit the target zone, but we'll have to be patient to see if it actually hits the $1257.00 mark for the complete retracement.

Seems like this area would be prime for a short term reversal to the upside, but the bulls seem to have their tails between their legs right now. We'll just have to watch the price action to see what's next.

SPX Daily Chart (First Downside Target Area Reached)